True Health Medical (02697) released its first interim results: revenue increased more than 30 times year-on-year, and commercialization of puncture surgery robots accelerated

Zhitong Finance App News. On August 28, True Health (02697) handed over its first interim report card after listing, taking a key step in commercialization. During the reporting period, revenue volume and profit quality were realized simultaneously. The company achieved revenue of 5.671 million yuan, an increase of nearly 32 times over the previous year; gross profit of 4.363 million yuan, a sharp increase of more than 36 times over the previous year. The overall gross profit margin was 76.9%, an increase of 9.8 percentage points over the same period last year. As of June 30, the company's cash and bank balance was 460 million yuan, about 2.5 times that of the end of 2025, with sufficient capital reserves.

Commercialization volume is one of the core highlights of this report. According to the revenue structure, sales revenue of surgical robots was 5.16 million yuan, accounting for 91.0%; sales revenue of consumables was 408,000 yuan, an increase of 135.8% over the previous year. Surgical robots have entered a revenue recognition period, and the increase in installed capacity has simultaneously driven sales of consumables, and the “equipment+consumables” commercialization model has begun to run. Product sales expanded to North China, South China and other regions. In this issue, North China accounted for 57.7% as the main delivery force, and South China contributed 35.8%.

True Health Care began commercializing its core products in 2022. According to Insight Consulting data, the company ranked first in China in terms of revenue from percutaneous puncture surgery robots in 2025, with a market share of 28.0%. The company's core product is a total of four models of percutaneous puncture surgery robots, all of which have obtained three types of registration certificates from the State Drug Administration. Among them, TH-S was recognized as the “first in China”, and the key product TH-X MW was recognized as the “first in the world”. At present, the company's products have been used in various clinical departments such as thoracic surgery, respiratory medicine, interventional medicine, oncology, hepatobiliary surgery, radiology, and imaging, covering the diagnosis and treatment needs of early-stage to advanced tumors, and extended to the field of organ preservation and evaluation in vitro.

R&D investment continues to increase, and pipeline advancement is at a rapid pace. During the reporting period, True Health Medical R&D expenses were 26.931 million yuan, an increase of 15.2% over the previous year. The company's R&D team consists of 72 people, accounting for about 45.6% of the total number of employees. The progress of various product pipelines has maintained a rapid pace. The registration application for TH-X MW's new pulmonary indications has been approved by the State Drug Administration; 16 patients have been enrolled in the registered clinical trial of the flagship model TH-S1 indication extended to retroperitoneal lesions, and registration applications are scheduled to be submitted in the fourth quarter of 2026; CE certification applications for core products have been submitted and accepted by the certification agency in January 2026, and are expected to be obtained in the fourth quarter of 2026.

Looking ahead to the second half of the year, True Healthcare will push the TH-X Cryo cryoablation robot to submit registration applications in the second half of 2027, and plans to launch clinical trials of TH-LS LU100 and TH-LS KI300 in the first half of 2027 and 2031, respectively. In the next three years, the company plans to apply for at least 50 domestic invention patents and 3 PCT international patents to continue to build a strong technical moat and save momentum for long-term high-quality development.

On August 21, Hang Seng Index announced the quarterly review results. True Healthcare was included in the Hang Seng Composite Index. The relevant changes will be implemented after the market closes on September 4 and will take effect on September 7. At that time, the Shanghai and Shenzhen Stock Exchange will adjust the scope of the Hong Kong Stock Connect investment targets accordingly. The company is expected to enter the Hong Kong Stock Connect list, and the southbound capital channel is expected to be further opened.